Redditors are Buying These 5 Cryptocurrencies After The Merge

2. Polkadot (DOT)

Market Cap as of August 31: $7.88 Billion

Polkadot is a layer-0 proof-of-stake blockchain platform that solves the interoperability problem of blockchains by making use of a relay chain and a series of parachains. The Polkadot network serves as the hub for other blockchains to come and connect with each other. Parachains serve as the communicators between other blockchains and Polkadot’s relay chain. By using parachains and one central relay chain, Polkadot allows for the interconnectivity of blockchains and resolves conflicts among their use cases.

Dot is the native token of the network. As of August 31, Polkadot has a market cap of roughly $7.88 billion and over 1 billion Dot coins in circulation. The Reddit community sees long-term potential in Polkadot and explosive potential right after the Merge. As Ethereum merges into a proof-of-stake model, Redditors are favoring mining Polkadot over other PoW altcoins.